If you enable "Internet Connection Sharing" on your laptop, I suppose that would work, but it would require you to have the laptop on all the time. A better solution would be a "wireless bridge", sometimes called a "game adapter". This is a small device that connects by WiFi to the network and has an Ethernet port for the local device (the phone adapter in this case.)

I'll also note that some wireless routers can be configured to serve as a bridge.